08:50 AM EDT, 04/28/2025 (MT Newswires) -- Oil prices edged down early on Monday, remaining stuck to a narrow range as OPEC+ readies to add supply while U.S. President Donald Trump's global trade wars continue to roil markets.

West Texas Intermediate crude oil for June delivery was last seen down US$0.08 to US$62.94 per barrel, while June Brent crude was down US$0.06 to US$66.81.

Oil has traded in a narrow range since the start of the month, as the U.S. trade wars spur worries slowing growth will cut into demand and the effects of OPEC+'s plans to add supply next month remain unclear. The group is expected to further speed the return of 2.2-million barrels per day of production cuts in June with another large tranche of additional barrels in June, pressuring prices for the commodity.

Still, hopes the Trump Administration and China will resolve their differences and lower punishing tariffs that are nearly halting trade between the world's two largest economies are offering some support for oil. President Trump is insisting he is in negotiations with China, which is being denied by Chinese leadership, while U.S. West Coast ports are nearly empty of ships carrying goods from China.

"Cargo shipments from China to the US have plummeted by as much as 60% since the US raised tariffs to 145% in early April, and this reduction will soon be felt by American consumers. By mid-May, thousands of companies will need to replenish inventories, which could lead to empty shelves, higher prices, and "Covid-like" shortages, as well as significant layoffs in industries such as trucking, logistics, and retail," Saxo Bank noted.